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Fraud*According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain*As defined in Wikipedia

Saturday, July 17, 2010

As I predicted when the SEC first announced its' law suit against Goldman Sachs, they would settle out of court and agree to a meaningless fine. No, I don't have a crystal ball (I can't afford the crystal anymore) and I am not a legal expert in these matters. It is just that these types of deals seem to be how lawsuits of this kind are settled. You see this was not a criminal case just a civil case used as window dressing to appease the masses who no longer can dine with the classes.

So we have it. A 550 million dollar settlement. Let's look at some old headlines so that we can put this into perspective.

The powerful Wall Street bank may be facing government fraud charges, but Goldman Sachs reaffirmed itself as one of the most profitable banks in the country Tuesday, announcing quarterly profits of more than $3 billion. It's good news for the bank, which suffered a hit to its reputation — and its stock price — when the government last week announced it was charging Goldman Sachs with fraud in relation to its brokering of mortgage-related securities.

The settlement - 18.33 percent of 2010 first quarter Net Profit

But let's do some math so we can put it into perspective that everyone can relate to.

If you subtract the settlement from their first quarter earnings, they would be left with a paltry 2 billion 450 million dollars ($2,450,000,000). Oh my, how will they ever survive this?

If you subtract the settlement from last year's bonus pool they would have had only 10 billion 800 million dollars ($10, 800,000,000) to distribute amongst themselves. I can see them all standing in line to get food stamps to feed their families.

They are laughing all the way to their offshore bank accounts. A meaningless law suit and an even more meaningless fine.

What we have here is a government "gone wild". A government that condones actions that harm the very people that elect them to protect them. And folks, don't pin this just on Obama. It began with Clinton, continued and expanded under Bush and is just being continued by Obama. There is much more to this picture then meets the electoral eye. It begs the question again and again of "who is really in control of our country"?

The damage done to us, the citizenry of this once great nation, is the only bi partisan effort we see. This farce knows no political party, in fact, it seems to rule both major parties and it matters not who has control of Congress. You must remember that the real bleeding began under GW Bush and the only change Obama brings us are the pennies left on the street for us all to pick up.

Again, there seems to be little outrage from the public and none from our media. A slap in the face of all Americans, the millions still unemployed and underemployed, the millions who have lost their homes and the millions that are slated to lose their homes just this year alone.

I am personally sickened by this action or more appropriately this inaction. The problems we face will not be corrected by this so called financial reform which is no more then new regulators appointed to regulate the already non functioning regulators.

Had our government been working right along and the regulators enforcing the rules and laws we already had in place, none of this would exist.

This whole economic crisis was no more then a planned event to transfer the wealth of this nation to a handful of mortal beings who believe they are working for God. But like the Greeks of ancient times, their God is created only in their mind. The Greeks had their Zeus and we have our Blankfein. Oh my, what a country.

The banksters still rule, the Fed still controls and the people still suffer. Wake Up America.

Posted by
Larry Rubinoff

1 COMMENTS:

JR
said...

I had high hopes that a lot more would come out of the civil suit against Goldman Sachs, but the power does not reside in the ordinary person. Even the government doesn't seem to represent the people who elect them. It would be nice to have a little Revolution of ordinary citizens who want to take back their country from the financiers and lobbyists.

Maybe it will happen but not in my lifetime.

I shall continue to follow the progress of GS but with far less hope of any meaningful change.

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